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USAA pre-commission loan rate hike warning

EM1toNFO

Killing insurgents with my 'messages'!!
None
BDCP is a no-go. Apparently I am a no-go as well too.

After getting someone who knew what they were talking about, It is only available to a midshipman or cadet at any of the service academies. I then asked about the person who took my call the day prior. He stated that they had no record of that call. (BS!, they put comments on every call).

Looks like I'm going with USAA and closing out my NFCU CRAP account!
 

Sly1978

Living the Dream
pilot
As I have previously posted, I'm not a huge fan of USAA's credit policies, but even with the hike 4.99% is not bad for an unsecured Signature loan. However, as has been pointed out, since a lot of other types of loans (i.e. cars) are still cheaper than that, I'd have to really have a need for cash before I would consider taking it. So is that also eligible for the 4% deployment rate (now good for one year from the day you deploy regardless of when you return) like their credit cards? Also, does anyone know if the Navy Mutual Aid Association still offers their loan? I don't remember the terms, but I think it was 5K at 0% with something like 24 months to pay it off, but you had to buy additional life insurance $13/a month for $400k to get it. I don't remember the exact terms. I got the loan, paid it off, and never got rid of the insurance. They briefed us on it at OCS. Don't know if it's still an option.

By the way, looking at my LES, I now see that the NMAA insurance is running me just under 1/2 of what they're charging me now for SGLI (which I also carry).
 

BACONATOR

Well-Known Member
pilot
Contributor
Has anyone in BDCP gotten this loan? I am a junior in BDCP and it would be nice to pay off motorcycle and credit cards and get that nice low interest rate but from talking to them it sounds like it is basically just for people in the military academies. Any help would be greatly appreciated. Thanks guys


USAA loan: yes. I was BDCP and I got it a couple years ago fixed at 1.99%
 
So apparently the NFCU loan is not available for ROTC mids- just midshipmen from the academies. Guess I'll be taking out the USAA loan in december when I become eligible.
 

SynixMan

HKG Based Artificial Excrement Pilot
pilot
Contributor
So apparently the NFCU loan is not available for ROTC mids- just midshipmen from the academies. Guess I'll be taking out the USAA loan in december when I become eligible.

Do it. USAA is freaking awesome.
 

Yardstick

Is The Bottle Ready?!
pilot
i took it out a few months ago...25k at 4.99%, decent deal but not as good as before...i also looked at nfcu but was disappointed when it was only for academy types
 

Deror

How can I make this thread more awkward?
I was told that Navy Federal (?) also offers a 20k loan at 1-2%. I went with USAA though.
 

beaverslayer

Member
pilot
yeah i think thats right but i believe its only for academy mids

Correct. Also in general Navy Fed is much much harder to work with than USAA, so while the USAA rates may be a little higher the quality of customer service makes it worth it in my opinion. I've dealt with both, and USAA wins hands down in every category--customer service, ease of use, website quality, and so on.
 

Bergers2short

Well-Known Member
None
The pre-commissioning loan from USAA is currently at 2.99% API, but it hikes up to 4.99 the first of June.

Just got off the phone with USAA and they said the rate is going back down to 2.99% in August. Still no good for a BDCPer like myself, but OCs can get it within 4 months of their commissioning date.
 
Update on the USAA Loan. The interest rate is back down to 2.99% but you need to be 12 months away from commissioning to be eligible- not 18 months.
 

SWACQ

Well-Known Member
pilot
Contributor
When I got commissioned in '97, Navy Mutual Aid Association had a career starter loan at something like 1.5% and the only requirement was you buy a life insurance policy, think it was less than 10 bucks a month for either 100 or 200k.

I use USAA for all insurance products (home, auto, etc) and NFCU for most banking products (checking, credit cards, mortgage). There is a convenience factor in being able to go to a local branch and cash a check, or get a free notary, etc, etc. For savings I use ING Orange.
 

flyboy

Information Warfare Ensign
I just got off the phone with USAA. I inquired about BDCP being eligible for the Career Starter Loan. They informed me of what I've already known....4 months from commissioning and you are eligible. The weird thing is that STA-21 or Seaman to Admiral candidates are eligible for this loan 12 months out. Why is there a difference in the two programs. Besides the name, they are almost identical in pay and benefits. Both are on active duty status, both are paid a housing allowance, and both go to OCS at the completion of their degree of choice. The loan officer told me that because STA-21 guys are committed to the military and are under a contract, that they extend the availability out to 12 months. I told him that I just signed an 8 year enlisted contract in the event that I don't commission. He didn't seem to like me after that. Seems odd to me that USAA gives 12 months for STA-21, but doesn't consider BDCP Officer Candidates for the same program. Sounds like a bunch of s#$! to me!!!
 
Your "contract" means nothing if you fail IFS or API. They'll kick you out of the military... STA-21 candidates (and other priors) will just get kicked back to the fleet if they screw up.

USAA (especially the FSB) is extremely conservative. There's a reason 2009 was the company's best (most profitable) year ever.

edit: This is obviously on a case by case basis, but without a big need for aviators, there's a good chance they'll just drop you. There was a BDCP kid who left student pool a couple of weeks ago in this situation... I suppose he could have been bullshitting to cover up some other reason for being attrited (or covering up the fact that he's actually going enslited), but who knows.
 
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